Reuters breaks news about Chrysler talks with Fiat, Tata

Reuters broke the news on July 30 that Chrysler LLC, the struggling No. 3 U.S. automaker controlled by Cerberus Capital Management, was in groundbreaking alliance talks with Italy’s Fiat and India’s Tata. Pressed to cut costs, shore up its cash position and sell cars in the fast-growth emerging markets, Chrysler had begun parallel talks with the potential overseas partners, sources briefed on the talks told Reuters. The news was credited with driving shares of Fiat up by over 1 percent when the Milan stock market opened. The exclusive Reuters report was carried by CNBC, and picked up by competitors Bloomberg and Dow Jones. It was matched by the Wall Street Journal four hours later. The newspaper credited Reuters with first reporting the story.